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The Week in Crypto Policy: Two New Lawsuits & A Bitcoin Mining Letter
Key Insights
- A Texas-based firm building a digital asset trading platform is asking a federal court to rule that digital assets sold on the secondary market are not investment contracts and that it's free to operate without fear of certain SEC enforcement actions.
- House Majority Whip Tom Emmer (R-MN) voiced concerns with OMB's "emergency" approval of a Bitcoin miner survey in a new letter.
- The Texas Blockchain Council and Riot Platforms, a Bitcoin mining firm, are asking a federal court to stop the survey, citing violations of the Paperwork Reduction Act and Administrative Procedures Act.
LEJILEX Files Declaratory Judgment Action
Overview
On Wednesday, LEJILEX and the Crypto Freedom Alliance of Texas (together "Plaintiffs") filed a complaint against the SEC in federal court in the Northern District of Texas.
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George Leonardo is the founder of Cap Hill Crypto, a solo-entrepreneur venture focused on providing nonpartisan insights and analysis on U.S. federal crypto policy. Previously, he worked on Capitol Hill for Senator John Cornyn and as a litigation associate at Milbank LLP.